Revenue have issued the below information relating to tax treatment of Profit Sharing Schemes. The exact details are highlighted in the Tax and Duty Manual Part 17-01-03 (Profit Sharing Schemes):
- In paragraph 7.9, which deals with the exchange of shares, held in an Approved Profit Sharing Scheme, for cash in a take-over situation, to clarify the time-frame for re-investing the payment in shares in the take-over company
- In Appendix 2, paragraph “Contributory Schemes – Carry forward of contributions”, to remove the condition which required the contributions to be fixed at the start of each year.
All the best,
The Team at Jefferson